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BGF reaps 9.6x money, 85% IRR on St Pierre trade sale

Ero Partsakoulaki
28 October 2022

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BGF has sold Manchester-headquartered bakery operator St Pierre Groupe to Grupo Bimbo, a bakery and snacking company headquartered in Mexico City.

The exit has generated a money multiple of 9.6x and an IRR of 85% for the UK-based growth investor, according to a press release.

The company was working with advisers from Harris Williams to review its options, including a full or partial sale that could bring in GBP 200m, Sky News reported in July.

The GP originally backed St Pierre Groupe with an GBP 8m investment in November 2018.

During BGF’s investment period, the business scaled its operations internationally. Its expansion in the US now constitutes approximately 50% of the business’ annual sales revenue, according to the press release. It also secured new listings with several leading retailers in the UK and USA and expanded its product range across multiple categories, with revenues increasing from GBP 69m in 2018 to GBP 111.5m in 2021.

Moreover, the overall headcount of the business has more than doubled since 2018, with over 70 employees today.

The firm announced in June that it would acquire a minority stake in Irish nutritional supplements supplier Revive Active via a EUR 12.5m investment, according to Unquote Data. It exited CSN Care Group in May after a two-year holding period.

Company
Headquartered in Manchester, St Pierre Groupe was founded in 1986 by Paul Baker and Jeremy Gilboy. As a specialist branded supplier to the bakery industry, the company provides a range of products under the brands St Pierre, Baker Street and Paul Hollywood. Its products are stocked in more than 35,000 retail and wholesale stores worldwide, as well as online in the UK, USA, Europe and the Middle East.

People
St Pierre Groupe − Paul Baker (co-founder).
BGF − Ben Barker (head of portfolio North), Andy Gregory (CEO).

Advisers
Vendor – Harris Williams (corporate finance); Pinsent Masons (legal); KPMG (financial due diligence); PWC, McKinsey (commercial due diligence).